MONEY  QUESTION 


IN 

1813  AND  1863.  - 


WHAT  SOME  DID  THEN,  OTHERS  ARE  SEEK¬ 
ING  TO  DO  NOW. 


By  A  LOYAL  CITIZEN. 


NEW  YORK: 

ANSON  D.  F.  RANDOLPH, 

BOOKSELLER  AND  PUBLISHER, 

NO.  683  BROADWAY. 

1  8G3 . 


tiie 


MONEY  QUESTION 


181-3  AND  186 


WHAT  SOME  DID  THEN,  OTHERS  ARE  SEEK¬ 
ING  TO  DO  NOW. 


By  A  LOYAL  CITIZEN. 


NEW  YORK: 

ANSON  D.  F.  RANDOLPH, 

BOOKSELLER  AND  PUBLISHER, 

NO.  C  8  3  BROADWAY. 

1  8G3. 


.  •:  '  :  .  '■  /t/ii:  ‘IK:  4 


_ 


4  1 


•• 


:  ■  2  .  '  :  >. 


THE  MONEY  QUESTION 

IN'  1814  AND  1863. 

- ^  •  » 


Faction,  the  child  of  unhallowed  ambition  and  low  in¬ 
stincts,  is  a  cosmopolite.  It  is  also  nomadic — as  migratory  as 
tent-dwellers.  It  has  been  found  in  all  countries  and  in  all 
ages.  Its  character  has  ever  been  the  same.  It  is  a  charla- 
tan,  yet  it  never  lacks  dupes  and  admirers.  History  is  spiced 
with  its  pungent  elements.  Our  own  is  full  of  it.  It  was 
known  in  the  Continental  Congress  and  in  the  Continental 
Army.  It  ran  riot  during  the  weak  Confederacy,  and  was 
impudent  and  defiant  to  the  last  degree,  under  the  name  of 
Democracy,  while  Washington  was  Chief  Magistrate  of  the 
Republic.  When  Jefferson  became  President  it  left  Virginia, 
its  genial  seat,  and  for  a  dozen  years  made  New  England 
ridiculous  by  its  follies  and  vices.  It  took  possession  of 
South  Carolina  more  than  thirty  years  ago,  and  left  there  a 
brood  of  vipers  that  have  hissed  horribly  for  a  few  years 
past.  It  is  now  planting  its  stations  and  endeavoring  to  gain 
a  foothold  in  the  loyal  states,  under  the  specious  name  of 
“  Peace  Party,”  the  title  by  which  it  was  known  in  New 
England  and  pilloried  by  the  patriotism  of  the  nation  during 
the  war  of  1 81 2—’  15. 

Then,  as  now,  the  Peace  Party  was  hypocritical  and  vul¬ 
gar.  Then,  as  now,  its  component  parts  were  few  and  often 
obscure,  and  its  strength  was  in  its  impudence  and  bluster. 
Then,  as  now,  it  worshiped  party  and  forsook  country. 
Then,  as  now,  it  clamored  loudly  about  the  sanctity  of  the 
Constitution,  while  it  constantly  violated  the  dearest  princi¬ 
ples  of  its  spirit,  and  sought  to  paralyze  the  arm  earnestly 
endeavoring  to  preserve  it  and  save  the  republic  from  de¬ 
struction.  Then  (as  it  will  now)  it  utterly  failed,  because  of 
the  viciousness  of  its  motives.  The  New  England  “  faction- 
ist  ”  of  1814  was  like  the  “  factionist  ”  of  New  York  and 
other  states  in  1863,  with  this  essential  difference — he  was 
never  mean  enough  to  abuse  the  cradle  in  which  he  was 
rocked,  or  kick  the  mother  that  bore  him. 


4 


THE  MONEY  QUESTION. 


The  Federal  or  opposition  party  during  the  war  of  1812, 
was  then  known  as  the  peace  party,  but  it  was  only  a  fac¬ 
tious  few  of  that  party  who  were  willing  to  have  peace  on 
any  terms .  Leading  men  like  Quincy,  of  Massachusetts,  and 
Emott,  of  New  York,  while  they  deprecated  the  war  as  un¬ 
necessary,  frowned  indignantly  upon  those  who  were  ready 
to  embarrass  the  Government  when  engaged  in  a  struggle 
with  a  powerful  foe.  The  “  disloyalists  ”  of  fifty  years  ago 
held  the  same  relation  to  the  Federal  party,  as  the  u  disloyal¬ 
ists  ”  of  our  day  do  to  the  Democratic  party.  The  great 
mass  of  the  Federal  party  were  patriotic,  the  great  mass  of 
the  Democratic  party  are  patriotic.  The  peace-at-any-price 
men — then,  as  now,  were  generally  second-rate  politicians, 
hopeless  of  any  but  Ephesian  fame ;  possessed  of  more  cun¬ 
ning  than  talent,  utterly  without  moral  convictions,  selfish, 
loving  party  and  their  own  lusts  more  than  country  and  their 
fellow-men,  and  possessing  wealth  enough  to  purchase,  di¬ 
rectly  or  indirectly,  the  services  of  a  few  venal  presses. 

TACTICS  OF  THE  PEACE  MEN  IN  1814. 

Among  others  of  their  wicked  schemes — a  scheme  about 
to  be  adopted  by  the  “  factious  few  ”  of  to-day — for  embar¬ 
rassing  the  Government,  wTas  an  assault  upon  the  public  credit. 
They  sought,  by  that  and  other  means,  to  place  the  destinies 
of  their  country  in  the  hands  of  Great  Britain.  The  same 
class  of  politicians  now  seek  to  place  the  destinies  of  their 
country  in  the  hands  of  a  few  slaveholders  by  the  same 
means.  Let  us  consider  a  few  facts  of  the  past. 

For  several  years  previous  to  the  war,  and  during  its  ear¬ 
lier  stages,  embargo  acts  and  other  measures  restrictive  of 
commerce  had  been' adopted  to  compel  Great  Britain  to  be 
just.  These  acts  were  naturally  distasteful  to  commercial 
New  England,  and  the  “peace  men  ”  of  that  day  so  inflamed 
a  large  interested  class  against  the  measures  of  the  Govern¬ 
ment,  and  even  the  Government  itself,  that  tlie  navigation 
laws  were  openly  defied,  and  magistrates  would  not  take 
cognizance  of  their  violations  of  them.  Smuggling  became 
so  general  in  that  region  during  the  war,  that  one  of  the 
most  eminent  of  the  New  England  ojiponents  of  the  admin¬ 
istration  was  constrained  to  confess  that  a  class  of  citizens, 
“  encouraged,”  as  he  said,  “  by  the  just  odium  against  the 
war,  sneer  at  the  restraints  of  conscience,  laugh  at  perjury, 
mock  at  loyal  restraints,  and  acquire  an  ill-gotten  wrealth  at 
the  expense  of  public  morals  and  of  the  more  sober,  con- 


THE  MONEY  QUESTION. 


5 


scientious  part  of  the  community.”  lie  charged  the  admin¬ 
istration  and  the  war  with  the  authorship  of  that  “  mon¬ 
strous  depravation  of  morals,”  that  u  execrable  course  of 
smuggling  and  fraud.” 

Boston  was  the  great  center  of  this  contraband  trade,  a 
business  very  little  engaged  in  south  of  the  Connecticut 
river.  The  consequence  was  that  foreign  goods,  shut  out 
from  other  seaports,  found  their  way  there.  Many  valuable 
British  prizes  were  also  sent  into  Boston,  and  added  greatly 
to  the  stock  of  foreign  merchandise  there.  The  merchants 
of  New  York,  Philadelphia,  and  the  cities  further  south  were 
necessarily  dependent  upon  Boston  for  a  supply  of  such 
goods,  for  which  they  paid  partly  in  bills  of  the  banks  of  the 
Middle  and  Southern  States,  and  partly  in  their  own  promis¬ 
sory  notes.  By  this  means  Boston  became  a  financial  auto¬ 
crat,  having  in  its  hands  despotic  power  to  control  the  money 
affairs  of  the  whole  country.  This  fact  suggested  to  the  New 
England  faction  a  villainous  scheme  for  crippling  the  Govern¬ 
ment  and  building  up  their  party  upon  the  ruins  of  a  dis¬ 
honored  republic.  They  were  quick  to  act  upon  the  sugges¬ 
tion  and  put  their  scheme  into  operation. 

DEPRECIATING  THE  CURRENCY  IN  1814. 

From  the  beginning  of  the  war  the  Government  was  com¬ 
pelled  to  ask  for  loans.  The  Peace  Party  at  political  meet¬ 
ings,  through  the  press,  and  in  the  pulpit,  cast  every  possi¬ 
ble  obstacle  in  the  way.  In  the  spring  of  1814,  the  darkest 
hour  of  the  war,  this  opposition  took  the  form  of  virtual 
treason.  The  Government  was  weak,  and  its  internal  ene¬ 
mies  knew  it ;  and  in  proportion  to  its  exhibition  of  weak¬ 
ness  they  became  bold  and  outspoken.  “  Will  Federalists 
subscribe  to  the  loan  ?  Will  they  lend  money  to  our  na¬ 
tional  rulers  ?  ”  a  leading  Boston  paper  significantly  asked. 
“  It  is  impossible,  first,  because  of  the  principle,  and  secondly, 
because  of  principal  and  interest .  If  they  lend  money  now, 
they  make  themselves  parties  to  the  violation  of  the  Consti¬ 
tution,  the  cruelly  oppressive  measures  in  relation  to  com¬ 
merce,  and  to  all  the  crimes  which  have  occurred  in  the  field 
and  in  the  cabinet.  .  .  .  Any  Federalist  who  lends  money 

to  the  Government  will  be  called  infamous  /”  The  people 
were  then  adroitly  warned  that  money  loaned  to  the  Govern¬ 
ment  would  not  be  safe.  “  How,  where,  and  when,”  asked 
this  disloyal  newspaper,  “  are  the  Government  to  get  money 
to  pay  interest  ?  ”  Then,  in  language  almost  the  same  as 


6 


THE  MONEY  QUESTION. 


that  of  a  distinguished  Democratic  leader  in  this  State,  a 
threat  of  future  repudiation  was  thrown  out,  to  create  dis¬ 
trust  in  the  Government  securities.  “  Who  can  tell,”  said 
the  writer  above  alluded  to,  “  whether  future  rulers  may 
think  the  debt  contracted  under  such  circumstances ,  and  by  men 
who  lend  money  to  help  out  measures  which  they  have  loudly  and 
constantly  condemned ,  ought  to  be  paidP 

Another  newspaper  said  of  the  Boston  merchants  :  “  They 
will  lend  the  Government  money  to  retrace  their  steps,  but 
none  to  persevere  in  their  present  course.  Let  every  high¬ 
wayman  find  his  own  pistols.”  And  a  Doctor  of  Divinity 
shouted  from  the  pulpit  at  Byfield :  “If  the  rich  men 
continue  to  furnish  money,  war  will  continue  till  the  moun¬ 
tains  are  melted  with  blood — till  every  field  in  America  is 
white  with  the  bones  of  the  people ;”  while  another  said : 
“  Let  no  man  who  wishes  to  continue  the  war  by  active 
means,  by  vote  or  lending  money,  dare  to  prostrate  himself 
at  the  altar  on  the  Fast  Day,  for  such  are  actually  as  much 
jDartakers  in  the  war  as  the  soldier  who  thrusts  his  bayonet, 
and  the  judgment  of  God  will  await  them.” 

These  extracts  give  but  a  faint  idea  of  the  violence  of  these 
men  in  the  New  England  capital  at  that  time.  By  inflam¬ 
matory  and  threatening  publications  and  personal  menaces 
they  intimidated  many  capitalists.  These  were  afraid  to  ne¬ 
gotiate  for  the  loan  openly,  a  fact  which  the  advertisements 
of  brokers  at  that  time  have  placed  on  record.  Gilbert  & 
Dean  advertised  that  the  “  names  of  all  subscribers  shall  be 
known  only  to  the  undersigned.”  Another  made  it  known 
that  u  the  name  of  every  applicant  shall,  at  his  request,  be 
known  only  to  the  subscriber.”  Another  assured  the  people 
that  he  had  made  arrangements  “  for  perfect  secrecy  in  the 
transactions  of  his  business.” 

These  advertisements  excited  the  venom  of  the  peace 
party  exceedingly,  and  they  poured  abuse  upon  the  subscrib¬ 
ers  and  the  Government  together.  “  Money,”  said  one  of 
the  most  prominent  among  them,  with  great  bitterness,  “  is 
such  a  drug  (the  surest  signs  of  the  former  prosperity  and 
present  insecurity  of  trade)  that  men  against  their  con¬ 
sciences,  their  honor,  their  duty,  their  professions  and  prom¬ 
ises,  are  willing  to  lend  it  secretly  to  support  the  very  meas¬ 
ures  which  are  both  intended  and  calculated  for  their  ruin.” 
Another  said :  “  How  degraded  must  our  Government  be, 
even  in  her  own  eyes,  when  they  resort  to  such  tricks  to  ob¬ 
tain  money,  which  a  common  Jew  broker  would  be  ashamed 
of.  They  must  be  well  acquainted  with  the  fabric  of  the 


THE  MONEY  QUESTION. 


7 


men  who  are  to  loan  them  money,  when  they  offer,  that  if 
they  will  have  the  goodness  to  do  it,  their  names  shall  not  be 
exposed  to  the  world.” 

PATRIOTISM  OF  THE  PEOPLE,  AND  NEW  SCHEMES  OF  THE 

PEACE  MEN. 

But  all  these  efforts  at  intimidation  failed  to  'prevent  the 
loan.  Patriotic  men  in  New  England,  of  the  opposition 
school,  subscribed  to  the  loan ;  and  in  the  Middle  States  the 
Federalists  did  so  openly  and  liberally,  to  the  disgust  and 
mortification  of  the  traitorous  few.  This  caused  them  to  try 
another  and  more  infamous  scheme,  as  follows : 

We  have  observed  that,  for  reasons  named,  Boston  became 
the  centre  of  financial  power.  These  men  determined  to 
use  that  power  to  embarrass  the  Government.  The  banks  in 
the  Middle  and  Southern  States  were  the  principal  subscrib¬ 
ers  to  the  loan,  and  the  traitors  determined  to  drain  them  of 
their  specie,  and  thus  produce  an  utter  inability  to  pay  their 
subscriptions.  Some  of  the  Boston  banks  became  jmrties  to 
the  scheme.  The  notes  of  the  banks  in  New  York,  Phila¬ 
delphia,  and  places  further  south,  held  by  their  banks,  were 
transmitted  to  them  with  demands  for  specie,  and  at  the 
same  time  drafts  were  drawn  on  the  New  York  banks  for 
the  balances  due  the  Boston  corporations,  to  the  amount,  in 
the  course  of  a  few  months,  of  about  eight  millions  of  dollars. 
The  New  York  bankers  were  compelled  to  draw  largely  on 
those  of  Philadelphia,  Philadelphia  bankers  on  those  of  Bal¬ 
timore,  and  so  on.  A  panic  was  created.  No  one  could  pre¬ 
dict  the  result.  Confidence  was  shaken.  Wagons  were  seen 
loaded  with  specie  leaving  bank  doors,  with  the  precious 
freight  going  from  city  to  city,  to  find  its  way  finally  into  the 
vaults  of  those  of  Massachusetts.  The  banks,  thus  drained, 
were  compelled  to  curtail  their  discounts.  Commercial  de¬ 
rangement  and  bankruptcies  ensued.  Subscribers  to  the 
loan  were  unable  to  comply  with  their  promises,  and  so  un¬ 
certain  was  the  future  to  the  minds  of  many  who  intended  to 
subscribe,  that  they  hesitated.  When  the  Boston  bankers 
were  called  upon  by  public  opinion  to  explain  their  movement, 
they  made  the  specious  plea  of  their  right  to  the  balances  due 
them  from  other  banks.  This  was  not  satisfactory.  Matthew 
Carey,  one  of  the  ablest  publicists  of  the  day,  says  that  the 
demand  was  made  at  a  season  of  the  year  when  freight  on  the 
specie,  on  account  of  the  bad  state  of  the  roads,  was  from 
twenty  to  thirty  per  cent,  more  than  it  would  have  been  had 


8 


THE  MONEY  QUESTION. 


they  waited  a  few  weeks.  That  they  could  have  waited, 
without  detriment  to  any  interest,  is  made  manifest  by  the 
following  statement  of  the  condition  of  the  banks  in  Massa¬ 
chusetts,  in  January,  1814,  just  before  the  movement  was 
made : 


Specie. 

Notes  in 
Circulation. 

Massachusetts  Bank,. . . . 

....  $682,708 

Union, . 

657,795 

283,225 

Boston, . 

. . .  1,182,572 

....  369,903 

State, . 

New  England, . 

659,006 

509,000 

284,456 

161,170 

Mechanics, . 

47,391 

....  44,595 

$4,945,444 

....  $2,000,601 

By  this  statement,  it  appears  that  they  had  in  their  vaults 
about  $250  in  specie  for  every  $100  of  their  notes  in  circula¬ 
tion  ;  “a  state  of  things,”  says  Carey,  “  probably  unparalleled 
in  the  history  of  banking,  from  the  days  of  the  Lombards  to 
the  present  time.” 

The  effects  of  the  conspiracy  were  potent  and  ruinous,  and 
for  a  while  it  was  thought  impossible  for  the  Government  to 
sustain  its  army  and  navy.  The  banks  out  of  New  England 
were  compelled  to  suspend  specie  payments;  and  the  in¬ 
jurious  effects  upon  the  paper  currency  of  the  country  may 
be  seen  by  the  following  price  current,  published  on  the  7th 
of  February,  1815: 

Below  Par. 

All  the  banks  in  New  York  State,  Hudson 


and  Orange  excepted, . 19  to  20  per  cent. 

Hudson  Bank, .  20  “ 

Orange  Bank, .  24  “ 

Philadelphia  City  Banks, .  24  “ 

Baltimore  Banks, .  80  “ 

Treasury  Notes, . .  . 24  to  25  “ 

United  States  Six  per  cents .  30  “ 


Stocks  of  banks,  insurance  companies,  and  other  corpora¬ 
tions  suffered  great  depreciation,  to  the  injury  of  thousands 
of  innocent  people,  such  as  widows  and  orphans.  Had  the 
conspirators  fully  succeeded,  the  national  armies  must  have 
been  disbanded,  and  the  Government  reduced  to  a  depend¬ 
ency  of  Great  Britain. 

INTRIGUES  AVITH  THE  PUBLIC  ENEMY. 

To  make  the  blow  against  the  public  credit  still  more  effect¬ 
ual,  the  conspirators  made  arrangements  with  agents  of  the 


THE  MONEY  QUESTION. 


9 


Government  authorities  of  Lower  Canada,  whereby  a  very 
large  amount  of  British  Government  bills,  drawn  on  Quebec, 
were  transmitted  to  New  York,  Philadelphia,  and  Baltimore, 
and  sold  on  such  advantageous  terms  to  capitalists,  as  in¬ 
duced  them  to  purchase.  These  transactions  were  made  so 
boldly  that  advertisements  like  the  following  appeared  in  the 
Boston  papers : 


1  bill  for 
1  do. 

1  do. 


£8001 

250 

203 


£1,253  J 


British  Government  Bills 
for  sale  by 

Charles  W.  Green, 

No.  14  India  Wharf. 


By  this  means  an  immense  amount  of  gold  was  transmitted 
to  Canada,  placed  beyond  the  reach  of  the  Government  of 
the  United  States,  and  put  into  the  hands  of  the  enemy  to 
give  sinews  to  the  war  they  were  waging  against  the  inde¬ 
pendence  of  the  Republic.  So  great  was  this  drain  and  the 
demand  for  specie  to  pay  for  smuggled  goods  brought  from 
Canada  and  Nova  Scotia,  that  the  specie  in  the  Massachusetts 
banks  was  reduced  in  the  course  of  six  months  nearly  three 
millions  and  a  half  of  dollars — the  amount  being  $5,468,604 
on  the  1st  of  July,  1814,  and  only  $1,999,368  on  the  1st  of 
January,  1815. 


rejoicings  of  the  peace  men  at  the  country’s  mis¬ 
fortunes. 

From  the  very  beginning  of  the  war,  a  factious  few  of  the 
opposition  made  such  persistent  onslaught  upon  the  Govern¬ 
ment,  for  the  purpose  of  embarrassing  the  Administration, 
that  a  bonus  was  paid  for  all  sums  loaned.  In  January,  1813, 
a  loan  of  $16,000,000  was  authorized  It  was  obtained  prin¬ 
cipally  from  individuals  at  the  rate  of  $88,  for  a  certificate  of 
stock  for  $100,  by  which  lenders  received  a  bonus  on  that 
small  loan  of  $2,100,377.  In  August,  the  same  year,  a  fur¬ 
ther  loan  of  $7,500,000  was  authorized.  It  was  taken  at 
$113  31-100,  at  six  per  cent.  In  March,  1814,  a  loan  of 
$25,000,000  was  authorized.  This  was  the  loan  which  the 
factionists  of  New  England  so  vehemently  warned  the  people 
against.  Only  $11,400,000  of  it  were  raised,  for  which  cer¬ 
tificates  were  given  to  the  amount  of  $14,262,351,  giving  a 
bonus  to  lenders  of  that  small  amount  of  $2,852,000.  These 
terms  were  so  disastrous  to  the  Government,  that  no  more 
attempts  were  made  to  loan  money  during  the  war,  the  defi- 


10 


THE  MONEY  QUESTION. 


ciency  being  made  up  by  the  issue  of  Treasury  notes  to  the 
amount  of  $18,452,800. 

This  injury  to  the  Government  credit  was  gloated  over  by 
the  “  Peace  men.”  One  of  them,  writing  from  Boston  to  a 
New  York  newspaper  in  February,  1815,  said  exultingly: 
“  This  day  twenty  thousand  dollars  six  per  cent,  stock  was 
put  up  at  auction,  five  thousand  dollars  of  which  only  was 
sold,  for  want  of  bidders,  and  that  at  forty  per  cent,  under 
par.  As  for  the  former  war  loan,  it  would  be  considered 
little  short  of  an  insult  to  offer  it  in  the  market,  it  being  a 
very  serious  question  who  is  to  father  the  child  in  case  of  na¬ 
tional  difficulties .” 

This  last  expression  refers  to  the  hopes  of  the  conspirators, 
of  bringing  about  a  dissolution  of  the  Union  by  means  of 
the  Hartford  Convention,  which  had  adjourned  to  meet 
again,  if  necessary.  It  is  proper  to  add  that  their  hopes 
would  have  been  frustrated,  for  that  Convention  was  too  es¬ 
sentially  patriotic  in  the  designs  of  a  great  majority  of  its 
members  to  have  given  the  vile  traitors  any  comfort.  It  may 
also  be  proper  to  add,  for  the  gratification  of  the  reader  and 
as  a  warning  to  the  factionists  of  to-day,  that  many  of  those 
of  1814  suffered  severely  by  the  very  distresses  their  villan- 
ies  had  produced,  and  that  they  were  ever  detested  by  all 
honorable  men.  They  were  consigned  to  everlasting  social 
and  political  obscurity. 

Similar  enemies  of  the  country  are  now,  in  various  ways, 
endeavoring  to  alarm  the  people  concerning  the  national 
finances.  Every  art  which  wickedness  can  divine  will  be  used 
to  accomplish  their  vile  purpose.  They  expatiate  largely  on 
the  fearful  rise  in  gold.  They  quote  the  action  of  men  of 
great  means,  who  will  not  hold  any  amount  of  United  States 
currency,  but  are  investing  all  their  surplus  funds  in  State 
stocks,  or  real  estate.  They  suggest  an  impending  financial 
crisis,  such  as  the  country  has  never  experienced.  They  roll 
up  their  eyes  and  cast  up  their  hands  in  pretended  horror  be¬ 
cause  of  the  “  crushing  national  debt.”  They  hint  darkly  of 
repudiation  by  a  new  administration,  and  thus  hope  to  de¬ 
stroy  confidence  in  the  public  stocks,  and  they  point  malig¬ 
nantly  to  the  u  Continental  money  ”  now  in  the  cabinets  of 
the  curious,  as  foreshadowing  the  fate  of  the  Government 
currency,  which  they  declare  will  “  never  be  redeemed  ”  A 
few  words  on  that  point,  and  I  will  close. 


THE  MONEY  QUESTION. 


11 


CONTINENTAL  CURRENCY. 

When  the  continental  paper  currency  was  rapidly  depre¬ 
ciating,  and  its  redemption  no  longer  a  probability,  the  Con¬ 
tinental  Congress  addressed  the  people  on  the  subject,  and 
said,  in  substance :  “  Suppose  at  the  end  of  the  war,  the 
amount  of  unredeemed  bills  of  credit  shall  be  $200,000,000, 
and  the  loans  $100,000,000.  The  National  Debt  would  then 
be  $300,000,000.  We  are  a  people  3,000,000  in  number, 
making  the  burden  on  each,  $100.  Fund  the  debt,  and  make 
it  payable  in  twenty  years,  and  it  makes  $5  a  year  for  each 
person.  Assess  men  according  to  their  estates,  and  how  few 
would  be  called  upon  to  pay  anything  !  Then  consider  that 
the  population  will  double  in  twenty  years,  making  the  pay¬ 
ment  proportionately  easier.” 

Thus  hopefully  argued  the  fathers,  when  there  was  no  Na¬ 
tional  Government  to  levy  a  dollar  of  taxes,  and  the  resources 
of  the  country  were  undeveloped  and  unsuspected.  How 
will  this  reasoning  apply  now  ?  Suppose  our  national  debt, 
at  the  close  of  this  Avar,  shall  be  $3,000,000,000,  or  ten  times 
that  of  1783.  We  are  now  a  people  more  than  30,000,000 
in  number,  or  ten  times  as  many  as  the  fathers  named.  The 
remainder  of  their  argument  will  apply  to  our  case  exactly, 
Avith  the  extremely  important  fact  added,  that  Ave  haATe  a  Na¬ 
tional  Government  that  bears  the  loyalty  of  the  \xast  majority 
of  the  people,  and  with  powers  for  taxation  equal  to  any  exi¬ 
gency  that  may  be  contemplated,  Avhile  the  resources  of  the 
country,  developed  and  known,  are  incalculable.  Looking 
at  facts  as  they  stand,  no  intelligent,  honest  man  Avill  say  to 
his  neighbor — “  Don’t  trust  the  Go\Ternment  securities  ;  the 
c  greenbacks  ’  will  never  be  redeemed.”  He  knoivs  better. 
Be  assured  that  every  man  of  that  stamp  is  of  the  “  copper¬ 
head  persuasion,”  and  loves  party  more  than  the  republic. 


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RECENT 


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How  a  Free  People  Conduct  a  Long  War. 

A  Chapter  from  English  History.  By  Charles  J.  Stille. 

8vo.  Paper,  15  cents. 

“  We  trust  that  this  pamphlet  may  be  very  widely  read.  It  is  a  most  timely 
utterance,  and  we  are  sure,  that  wherever  it  is  read  it  will  infuse  new  courage 
and  hope  into  loyal  hearts.  It  shows  that  the  scenes  through  which  we  are 
passing,  the  state  of  public  feeling  toward  the  government,  the  disputes  in 
reference  to  public  men  and  public  measures,  have  nothing  in  them  at  all  strange 
or  unusual,  but  are  in  fact  the  almost  universal  and  inevitable  accompaniment 
of  long  wTars — wars  which  in  the  end  are  entirely  successful.  The  writer  illus¬ 
trates  the  whole  by  an  ext*  nded  reference  to  what  took  place  in  the  Peninsular 
War,  under  the  leadership  of  Wellington.” 


The  American  War. 

A  Lecture  delivered  in  London,  October,  1862.  By  Rev. 
Newman  Hall,  D.  D.  15  cents. 


Report  of  Louis  H.  Steiner,  M.  D., 

Inspector  of  the  Sanitary  Commission.  Containing  a  Diary 
kept  during  the  Rebel  Occupation  of  Frederick,  Md.,  during 
the  Campaign  in  Maryland,  September,  1862.  8vo.  Paper, 
15  cents. 


Published  by 

ANSON  D.  F.  RANDOLPH, 

No.  0^3  Broadway. 

[ggp  The  above  will  be  sent  by  Mail  prepaid,  on  the  receipt  of 
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